Dell downgrades pummel stock

May 23 - Shares of Dell plunged as much as 17 percent in morning trading after the personal computer maker's weak forecast and disappointing quarterly results triggered a wave of brokerage downgrades. Bobbi Rebell reports.

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Investors logged off of Dell's stock Wednesday morning.
The world's number three computer maker posted disappointing quarterly results and a weak revenue forecast. That triggered a wave of brokerage firms to cut Dell price targets.
Shares tumbled as much as 17 percent in morning trading. Dell said lackluster sales to consumers, large enterprises and government units dragged down profits. The company is facing a cautious IT spending environment. And tablets and other mobile devices like the iPad have hurt demand for PC's.
Some analysts are now predicting that, to boost revenue, Dell will be forced to cut prices.
Bobbi Rebell, Reuters.

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